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External consultant: [22] someone who is employed externally to the client, ... An accounting consultant may have to have an accounting designation, ...
Consultants can be engaged proactively, without significant external enforcement, and reactively, with external pressure. [23] Proactive consultant engagement is engaged mainly with aim to find hidden weak spots and improve performance, while the reactive consultant engagement is mostly aimed at solving problems identified by external stakeholders.
A business consultant (from Latin consultare, "to discuss") is a professional who provides professional or expert advice [1] or service in a particular area such as security (electronic or physical), management, accountancy, law, human resources, marketing (and public relations), financial control, engineering, science, digital transformation, exit planning or any of many other specialized fields.
External cash injections are divesting the control historically promised to partners and shaking up the culture at firms. Private equity houses have been injecting cash into mid-tier accounting firms.
An external auditor may perform a full-scope financial statement audit, a balance-sheet-only audit, an attestation of internal controls over financial reporting, or other agreed-upon external audit procedures. [6] External auditors also undertake management consulting assignments.
Consultant auditors are external personnel contracted by the firm to perform an audit following the firm's auditing standards. This differs from the external auditor, who follows their own auditing standards. The level of independence is therefore somewhere between the internal auditor and the external auditor.
None of the "firms" within the Big Four is actually a single firm; rather, they are professional services networks.Each is a network of firms, owned and managed independently, which have entered into agreements with the other member firms in the network to share a common name, brand, intellectual property, and quality standards.
A consulting firm's model of business may be compared to staffing, wherein the objective is to lower labour costs for clients for an intended result, or relative to an intended result or output, in order to charge for a profit margin for the consulting firm. Clients are looking to procure or purchase external help and assistance.
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